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<b>Form 1042-S - Exemption Types and Exemption Codes </b><br><br>

An Exemption based on a tax treaty, reduces or eliminates the tax rate, on the gross income.<br><br>

<b>Example:</b><br><br>

Exempt under Tax Treaty - Exemption Code (04)<br><br>

Income Not Effectively Connected with a Trade or Business - Exemption Code (01)
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